TISA responds to Which? Report on savings
Commenting on the Which? report calling on government, employers and the financial services industry to develop a national strategy to boost savings levels, Carol Knight Operations Director at TISA said:
“This report from Which? highlights the scale of the impending consumer finance crisis unless urgent action is taken to change people’s attitudes to saving. We believe that there is a once in a generation opportunity to change people’s attitudes to saving and to develop long-term policies to avert this looming social and economic crisis.
“Our recent report, ‘Our Financial Future’, set out how the UK is not only failing to save enough for day-to-day needs, but that it will reach a tipping point in 2035 when those entering retirement will be increasingly less-well-off than earlier generations. As a result, people will face substantially reduced living standards for the remainder of their retired lives.
“We are developing strategic proposals for new savings and investments policies to help rebuild consumer confidence and trust in long term savings. Our recommendations will be used to work with Government, key political parties, consumer groups and regulators to present a consistent view.”
The Savings and Investment Policy project (‘TSIP’) is a TISA led initiative and is the first pan-financial services industry group looking at the issue savings crisis
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Issued on behalf of TISA by Newgate Communications
Alistair Kellie – Telephone: 0207 680 6558/Email Alistair.Kellie@newgatecomms.com
Deborah Shaw – Telephone: 0207 680 6552/Email Deborah.Saw@newgatecomms.com